New York City, one of America’s most unique places to visit, has captivated the hearts of millions of people on an annual basis, hardly surprising considering all that the city has to offer. With all of its attractions and unique neighborhoods, living in New York is ideal for many people. With prices ranging from less than $100,000 in neighborhoods such as Tompkinsville in Staten Island, to $1.5M or more in neighborhoods such as Manhattan, there is a wide selection of properties based on each individual’s lifestyle and budget.
The Property Prices History in New York reflect RE trends reported in 1987 to 2014, which shows an increase in the inflation-adjusted home prices to just under $600,000 in 2006 from approximately $375,000 in 1987. Decreases in the inflation-adjusted home prices began approximately in 2007 and continued to drop to roughly $400,000 by 2014.
However, the normal median home prices in the New York metropolitan area followed the same trend. It was approximately $150,000 in 1987 and increased to $480,000 between 2006 and 2007. Just as the median inflation-adjusted housing prices dropped, the normal house prices also dropped following the same trend. The normal median New York City house prices and the inflation-adjusted median house prices were basically the same during the year 2014. The property prices history in New York varied throughout the years, just as it does today.
Properties in Manhattan
Search for properties in New York on the Prestige International site, and you’ll find that prices are lower for properties near the Hudson river ranging from $425,000 or $2039 per month for a one bedroom, four bath co-op in the upper east side, which is contrast to the upper west side, where a 1,167 sq ft two story condo is $1,500,000, or $7,195 per month. Amazingly deals can still be found on condos in the same upper West side area. Such as a one bedroom condo that is listed for as low as $199,500, or $957 per month.
Properties in Brooklyn
Brooklyn, NY, known for its beautiful brownstone townhomes and condos has historic and quaint neighborhoods. Property values are as low as $249,000 or $1,194 a month for an 800 sqft., one bedroom co-op in the Bay Bridge and Fort Hamilton area. However a 2,700 sqft 5 bedroom , 3 bathroom townhouse is available for $958,000 or $4,595 per month. Other Areas such as Cobble Hill or Sheepshead Bay offers 988 sqft properties in the range of $1,250,000 and 2052 sqft single-family homes for $829,000.
Properties in Queens
Neighborhoods in Queens, NY consist of South Ozone Park and Ridgewood where a 3300 square-foot multi-family, five-bedroom, two bath property can be purchased for $899,000 or $4,312 per month, whereas other areas such as Kew Gardens has a one bedroom, one bath single-family home that can be purchased for as little as $199,000 or $955 a month.
Properties in the Bronx
Properties in the Bronx in areas such as Fieldstone can be purchased for as low as $205,000 for a one bed one bath 800 sqft co-op. Some of the mid-range properties can be purchased for just under $350,000 for 825 ft.² apartment condo townhouse, while other areas in the Bronx have properties well into the millions.
Properties in Staten island
Neighborhoods in Staten Island including Todt Hill has properties for $3,900,000 or $18,708 per month for a 8200 square-foot single-family home, four bedroom, two bathroom home. Other neighborhoods such as Tottenville has homes available for $3,250,000.
Property prices history in New York reports trends that property buyers should monitor to better project the return on their investments.